Franklin Resources Inc. (BEN) Shares Bought by Bbva Compass Bancshares Inc.
Bbva Compass Bancshares Inc. increased its position in shares of Franklin Resources Inc. (NYSE:BEN) by 92.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 53,103 shares of the closed-end fund’s stock after buying an additional 25,448 shares during the period. Bbva Compass Bancshares Inc.’s holdings in Franklin Resources were worth $1,772,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BEN. FTB Advisors Inc. increased its stake in shares of Franklin Resources by 8.4% in the second quarter. FTB Advisors Inc. now owns 3,208 shares of the closed-end fund’s stock valued at $107,000 after buying an additional 248 shares during the last quarter. Wedge Capital Management L L P NC increased its stake in shares of Franklin Resources by 11.5% in the second quarter. Wedge Capital Management L L P NC now owns 712,751 shares of the closed-end fund’s stock valued at $23,785,000 after buying an additional 73,442 shares during the last quarter. Herndon Capital Management LLC increased its stake in shares of Franklin Resources by 1.5% in the second quarter. Herndon Capital Management LLC now owns 2,175,335 shares of the closed-end fund’s stock valued at $72,591,000 after buying an additional 31,408 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD increased its stake in shares of Franklin Resources by 1.1% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 29,005 shares of the closed-end fund’s stock valued at $967,000 after buying an additional 313 shares during the last quarter. Finally, First Citizens Bank & Trust Co. acquired a new stake in shares of Franklin Resources during the second quarter valued at $701,000. Institutional investors and hedge funds own 48.39% of the company’s stock.
Franklin Resources Inc. (NYSE:BEN) traded down 0.49% during midday trading on Friday, hitting $34.23. The stock had a trading volume of 1,294,587 shares. The firm has a market cap of $19.72 billion, a P/E ratio of 12.66 and a beta of 1.66. The stock has a 50-day moving average of $35.68 and a 200-day moving average of $35.93. Franklin Resources Inc. has a 52 week low of $30.56 and a 52 week high of $42.23.
Franklin Resources (NYSE:BEN) last released its earnings results on Thursday, July 28th. The closed-end fund reported $0.77 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.10. The company earned $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Franklin Resources had a return on equity of 12.98% and a net margin of 23.44%. The business’s revenue for the quarter was down 18.3% on a year-over-year basis. During the same period last year, the firm earned $0.82 EPS. Analysts forecast that Franklin Resources Inc. will post $2.80 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.72 annualized dividend and a dividend yield of 2.09%. Franklin Resources’s dividend payout ratio (DPR) is currently 26.57%.
BEN has been the topic of several recent analyst reports. Deutsche Bank AG cut their target price on Franklin Resources from $37.00 to $35.00 and set a “hold” rating on the stock in a research note on Thursday, June 16th. Jefferies Group dropped their price objective on Franklin Resources from $38.00 to $34.00 and set a “hold” rating on the stock in a research note on Monday, July 11th. Barclays PLC reissued an “underweight” rating and issued a $31.00 price objective on shares of Franklin Resources in a research note on Friday, July 15th. Citigroup Inc. boosted their price objective on Franklin Resources from $36.00 to $40.00 and gave the stock a “neutral” rating in a research note on Friday, July 29th. Finally, Keefe, Bruyette & Woods boosted their price objective on Franklin Resources from $34.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, July 29th. Five analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $37.88.
In related news, insider Jennifer M. Johnson sold 15,892 shares of Franklin Resources stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $35.99, for a total transaction of $571,953.08. Following the completion of the sale, the insider now directly owns 1,473,782 shares of the company’s stock, valued at $53,041,414.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Craig Steven Tyle sold 5,000 shares of Franklin Resources stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $36.18, for a total value of $180,900.00. The disclosure for this sale can be found here. 20.41% of the stock is owned by insiders.
About Franklin Resources
Franklin Resources, Inc (Franklin), is a holding company. Franklin together with its various subsidiaries (collectively, the Company), is referred to as Franklin Templeton Investments, is a global investment management organization offering investment management and related services under the Franklin, Templeton, Mutual Series, Bissett, Fiduciary and Darby brand names.
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